Crypto APIs launch MPC Wallet as a Service

The Bulgarian-based Software-as-a-Service startup Crypto APIs has launched an improved Wallet as a Service (WaaS) to provide small and medium businesses, enterprises, and institutions with a more secure and reliable multi-currency digital wallet.

Crypto APIs launch MPC Wallet as a Service

The service utilizes an advanced Multi-Party Computation (MPC) cryptographic key management method, provided by Sepior, a Danish security software company specializing in threshold cryptography.

The MPC wallet encompasses the highest cryptographic security standards and is a preferred solution for cryptocurrency transactions by individuals, businesses, and institutions.

Sepior's advanced encryption provides Crypto APIs' clients with enterprise-grade security for signing digital transactions by distributing the key shares and their control among several parties. This model eliminates private keys and the inherent risks of their management by ensuring that key shares never become public, or even leave their holder's domain.

"The market demand for MPC-based digital wallets has surged and evolved over the past 18 months. DeFi service providers, exchanges, institutions, and custodians are all seeking higher performing, more automated MPC wallet services, which they can trust. Crypto APIs' expertise in blockchain and digital asset services, combined with Sepior's industry-leading, advanced MPC key management, and protection technology provides the automation, performance, and security that institutions and service providers desire," said Ahmet Tuncay, CEO of Sepior.

Crypto APIs' customers can choose between three types of digital wallets, including the option for on-premises key management (MPC-nodes hosted by customers) and a custom signing scheme. All digital wallets have a backup encrypted by customer RSA key. The Bulgarian startup also provides an open-source tool that allows users to recover their wallets in case of an emergency.

"In the traditional world security is important, In the crypto world, security is everything. Customers need confidence and trust in the providers that enable them to operate online and make transactions. Our partners from Sepior are world-renowned cryptographers and pioneers in multiparty computation implementation. By utilizing Sepior's highly secure advanced MPC software, combined with hardware isolation, governance layer, anti-spoofing, and manual approval, we are able to provide one of the most reliable, easy to use and flexible Wallet as a Service on the market," said Nashwan Khatib, Founder, and CEO of Crypto APIs.

The governance layer, developed by Crypto APIs, allows customers to set up custom rules for the different wallets and volumes. Based on these rules team members can also approve or reject outgoing transactions manually with the Crypto APIs Approver mobile application, available for both Android and iOS devices.